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FLOKI – Why it may be the right time to buy IF this level holds
FLOKI is approaching a crucial moment in its price action as it eyes $0.00028980 resistance, which could confirm bullish momentum and prompt investors to reconsider their stance.
The digital asset has been consolidating above the $0.00021129 support level, with key resistance at $0.00024862 serving as the primary obstacle for upward momentum. If FLOKI manages to clear this barrier, it could set its sights on the next target of $0.00034883.
Market metrics suggest that the token is technically positioned to challenge its resistance levels. The price-DAA divergence has climbed an impressive 112.57%, indicating a significant increase in optimism from long-term holders even as daily active addresses decline. This divergence highlights the potential for sustained upward momentum, especially if key resistance levels are breached.
It appears that traders have taken on higher risks ahead of this critical moment, with liquidation data revealing $231.96 in liquidated longs and no shorts. This reduced activity could indicate a lack of confidence among bears, which may not bode well for any potential sell-offs.
The current consolidation above the $0.00021129 support level is crucial, as it will determine whether FLOKI can solidify its upward trend or succumb to bearish pressures. A decisive move past this point could spark a rally and reinvigorate investor sentiment.
Therefore, if the given level holds, now might be an opportune time to consider investing in FLOKI.
Source: ambcrypto.com
